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Economic Development is Interdisciplinary

  • Salim Rashid

Abstract

The dominant theory of economic development espoused today, particularly by the World Bank, is a bandaged version of neoclassicism. The neoclassical economist takes a people’s preferences, endowments and technology as given datum and then seeks to allocate the given endowments optimally to suit the given preferences subject to the constraints of technology. (On several occasions hereafter, I will refer to those who hold to these views as the primary source of their policy proposals as the ‘necons’) It has often been remarked that the whole point of development economics is to change those given preferences and that old technology. The failure of the neoclassical view is visible in its inability to understand the phenomenon of East Asia, let alone predict the “East Asian Miracle” (or the subsequent financial crisis); it is suggested by the frequent references to “Technology” as the sustainer of growth, while economists find themselves unable to say anything useful on this fundamental issue.

Keywords

Economic Development Human Nature Neoclassical Economist National Wealth Christian Theology 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • Salim Rashid
    • 1
  1. 1.University of IllinoisUrbana-ChampaignUSA

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